J. Stephen Gaske

Senior Vice President

Summary of Experience

J. Stephen Gaske, Senior Vice President, has more than 30 years of experience as an economic consultant, researcher, and professor in the fields of public utility economics, finance, and regulation. His areas of expertise include: finance, cost of capital, and risk analysis; rate design, cost allocation, cost of service, and pricing of services; energy markets and the economics of public utilities and energy infrastructure; competition and antitrust principles; and regulatory and energy economics, rules, and policies. Dr. Gaske has provided consulting services in more than 300 regulatory, antitrust, tax and civil proceedings. In addition, he has presented expert testimony in more than 100 state, provincial and federal regulatory commission hearings in Canada, the U.S. and Mexico. He has served as an advisor to numerous regulated companies and has authored many studies on behalf of utilities, associations and government agencies. His work has included projects involving: natural gas pipeline and distribution companies; electric utilities; oil pipelines; railroads; postal service; telephone and satellite telecommunications companies; and water and sewer companies. He has been a lecturer at electric rate courses sponsored by the Edison Electric Institute and natural gas rate courses sponsored by the American Gas Association. He is a former Associate Professor of Finance and also has taught college courses in Public Utility Economics, Transportation, and Accounting. Prior to joining Concentric, Dr. Gaske was the President of H. Zinder & Associates.

Education

Ph.D., Indiana University School of Business
M.B.A., George Washington University
B.A., University of Virginia

Case Studies

We provided financial advisory services pertaining to the acquisition of a major energy infrastructure company, including natural gas distribution and pipelines. This effort included detailed due diligence to develop twenty-year financial projections for all regulated operating subsidiaries of the client’s identified target, including key revenue drivers impacting the valuation. Specifically, we provided the following support: reviewed […]

We have testified on the appropriate cost of capital on behalf of many electric utilities before numerous state commissions. We are familiar with the requirements in most state regulatory jurisdictions in terms of the accepted return on equity estimation models and other risk considerations. In each of these cases, We have supported all aspects of the […]

We have an in depth understanding of the natural gas distribution business and the business and financial risks faced by natural gas local distribution companies (“LDCs”). We have developed expert testimony on the appropriate return on equity and capital structure for numerous gas distribution companies that considers LDC-specific risks as compared with appropriate proxy company groups.

We have presented testimony on cost of capital, rate of return, and the risks of natural gas pipelines in numerous cases before the Federal Energy Regulatory Commission (“FERC”). We are thoroughly familiar with the FERC methodologies and historical decisions that provide guidance on the methodology that is typically considered by the FERC, the recent proxy […]